Asked by: Joe Morris (Labour - Hexham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what data her Department holds on the number of adults who are victims of illegal money lending each year.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
Illegal money lenders — more commonly known as loan sharks — are dangerous criminals capable of inflicting terrible harm on their victims. To combat this, the Government funds specialist Illegal Money Lending Teams (IMLTs) operating across the UK. These teams investigate and prosecute illegal money lenders and offer support to their victims.
Because of the underground nature of illegal money lending, HM Treasury does not have data on the number of victims of illegal money lending each year. However, HM Treasury officials regularly engage with the IMLTs to receive updates on their work, including on prosecutions, support provided to victims, and any key trends. To learn more about the work of the IMLTs, visit the Stop Loan Sharks website: https://www.stoploansharks.co.uk/.
Asked by: Joe Morris (Labour - Hexham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of which regions are most impacted by financial exclusion.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
On 5 December, the Government convened a Financial Inclusion Committee which has been established to tackle the problems of financial exclusion. Through this committee, I will work with consumer groups and industry on the development of a Financial Inclusion Strategy.
I recognise the different impact of financial exclusion across regions, particularly when comparing urban and rural areas. As such, we will be working closely with organisations from across the UK to fully understand the barriers individuals are facing and ensure that the development of the strategy is informed by a range of perspectives and expertise.